A pre-approved mortgage is a must in a competitive housing market. It also gives you an idea of what you can afford to buy as you look at houses. Online home loan lenders allow you to compare rates and quickly complete the process.
Before You Apply
Before you apply for a pre-approved mortgage, you will want to make sure all your financial records are in order. This is a good time to get a copy of your credit report and check it for any errors.
You should also determine how much of a down payment you plan on putting down. If you have good credit, you can get away with 0% down. However, in order to avoid private mortgage insurance, you will need to put down at least 20%.
Look For A Lender
Online mortgage lenders provide more options for financing the purchase of a home. You can quickly scan rates and fees by providing basic information about the loan amount and your income level. These general quotes will not be your final rate since there are many more factors that determine a mortgage financing package, but it is a quick way to find competitive lenders.
Apply For A Home Loan
A pre-approved mortgage is basically just having the application of a home loan completed. With a completed application, your mortgage lender will tell you the maximum amount you qualify to borrow. When you actually purchase your home, you will finalize the paperwork and lock in your rates.
You can fill out your home loan application online, saving you time. Over a secure connection, you provide detailed information about yourself. To quickly find your financial information, use last year's IRS forms or your bank statements.
Find Your Home
Once your application is approved, you can make serious offers on homes you would like to buy. Take a copy of your pre-approved loan with you when you look at homes. An offer with a pre-approved mortgage will sometimes be snapped up over just a regular offer.
With your offer on the table, you can finish the mortgage loan paperwork and lock in your rate.
To view our list of recommended sources for mortgage refinance loans online, visit this page: Recommended Mortgage Companies Online.
Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans.
If you are wanting to get a home equity loan,... Read More
You should say goodbye to PMI. You may not notice... Read More
Why is it that some homes sit on the market... Read More
Adjustable rate mortgages can be very tempting to home buyers,... Read More
Availability of Home loans is in full bloom. They are... Read More
A home equity loan is a loan that is guaranteed... Read More
I decided to write this article today after closing a... Read More
If you want a low interest, low payment mortgage refinance,... Read More
You've found a house that is perfect for you. It... Read More
Figures from the Council of Mortgage Lenders show that in... Read More
If you're thinking about applying for a new mortgage or... Read More
Using a home equity loan to get out of debt... Read More
A pension mortgage may seem lucrative at the first sight.... Read More
You have been paying on your mortgage for quite sometime... Read More
Before you borrow money on your home's equity, think twice... Read More
Home equity loans can be a great idea for individuals... Read More
The real estate market in California is booming. Home values... Read More
Interest rates on home mortgages are often quoted with and... Read More
In today's overheated housing market, lenders are making it easier... Read More
Mortgage lenders have set up shop online, but they aren't... Read More
The popularity of stores like Home Depot and Lowe's show... Read More
Most people choose a home owner loan as it can... Read More
There are several reasons that might make someone consider refinancing... Read More
There are many benefits in choosing a remortgage, some of... Read More
Real estate lenders now offer mortgage loan quotes and application... Read More
People who are looking for a mortgage today have many... Read More
A pre-approved mortgage is a must in a competitive housing... Read More
If you're looking for a cheap homeowner loan, you might... Read More
Buying a home with bad credit doesn't have to stop... Read More
A mortgage is a loan that is guaranteed by a... Read More
Fixed rate or adjustable rate mortgages are two choices of... Read More
Applying online for a mortgage is very fast and easy.... Read More
Here is a useful guide to the different types of... Read More
A tracker mortgage 'tracks' the Bank of England base rate,... Read More
Do you have bad credit that you worry will stop... Read More
Perhaps you're a homeowner in need of some quick cash.Maybe... Read More
The first time you purchase a home is an exciting... Read More
So you have a mortgage on your home or planning... Read More
Many homeowners want to know if it worth taking a... Read More
If you buy new windows, you'll not only pay for... Read More
A home owners' insurance is the cover for the house... Read More
There are many types of mortgages, and the more you... Read More
If you have a mortgage on your property, whether it's... Read More
Interest rates are at an all time low, making now... Read More
Adjustable rate mortgages can be very tempting to home buyers,... Read More
It's been years since you made any major improvements to... Read More
Mortgages have assumed a number of characters from the time... Read More
There are many mortgage products available on the market today.... Read More
Home equity loans and home equity lines of credit continue... Read More
Are you excited about purchasing your first home? Or maybe... Read More
Just as there are many types of mortgages and mortgage... Read More
When you're looking for a home loan, you might work... Read More
There was a time that seems like decades ago when... Read More
Texas was one of the last states to allow homeowners... Read More
Sub prime lenders handle high risk mortgage loans that traditional... Read More
Help is available to borrowers who have claims against their... Read More
Here are some mortgage tips that can help you obtain... Read More
When you are hunting for a mortgage, you will find... Read More
Refinance mortgage rate is the best rate available to qualified... Read More
Getting approved for a jumbo mortgage loan online is similar... Read More
Using a home equity loan really depends on what your... Read More
What could you do with $10,000? Well, you can have... Read More
With the low interest rates being offered by lenders today,... Read More
A mortgage lead is an exciting thing because you are... Read More
The power of home equity and interest-only payments, provided from... Read More
Because the new bankruptcy laws go into effect on October... Read More
Mortgage Refinance |